Merewether Investment Management, LP
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), Merewether Investment Management, LP reported 63 stock positions worth $3.5 billion. Its top holding was Vistra (VST) at 7.3% of the portfolio, followed by Eqt (EQT, 5.6%) and Targa Resources (TRGP, 5.0%). Compared with Q1 2025, it opened 22 new positions, sold out of 13, added to 20 and reduced 20. The biggest buy was a new position in Kinder Morgan (KMI) and the biggest sale an exit from TC Energy (TRP).
- Most Recent 13F
- Q2 2026
- Location
- DALLAS, TX
- CIK
- 0001736852
- Portfolio Value
- $3.5B (Q2 2025)
- SEC Filing
- 0001420506-25-002162 ↗ filed Aug 14, 2025
Holdings Value
Holdings 63 stocks · $3.5B
| VST Vistra Corp. | 7.34% | 1,315,536 | $255.0M | Reduce -5.4% |
| EQT Eqt Corp. | 5.65% | 3,363,286 | $196.1M | Add +99.8% |
| TRGP Targa Resources Corp. | 4.98% | 992,582 | $172.8M | Add +52.9% |
| SHEL Shell PLC-ADR | 4.96% | 2,446,621 | $172.3M | Add +2.7% |
| KMI Kinder Morgan Inc. | 3.99% | 4,710,100 | $138.5M | New |
| SRE Sempra | 3.66% | 1,676,932 | $127.1M | Add +321.9% |
| NI Nisource Inc. | 3.49% | 3,006,194 | $121.3M | Add +55.2% |
| SU Suncor Energy Inc. | 3.38% | 3,127,704 | $117.2M | Reduce -9.1% |
| ETR Entergy Corp. | 2.93% | 1,224,300 | $101.8M | Add +3.4% |
| MTZ Mastec Inc. | 2.66% | 542,740 | $92.5M | Reduce -28.7% |
| CVE Cenovus Energy Inc. | 2.39% | 6,090,722 | $82.8M | Add +65.4% |
| OVV Ovintiv Inc. | 2.35% | 2,146,196 | $81.7M | Add +17.2% |
| TLN Talen Energy Corp. | 2.29% | 273,159 | $79.4M | Add +92.9% |
| NVT Nvent Electric PLC | 2.25% | 1,067,874 | $78.2M | New |
| XOM Exxon Mobil Corp. | 2.17% | 700,393 | $75.5M | Reduce -24.5% |
| EXE Expand Energy Corp. | 2.16% | 641,875 | $75.1M | Reduce -3.4% |
| PR Permian Resources Corp. Class A | 2.12% | 5,404,237 | $73.6M | Reduce -7.8% |
| MOS The Mosaic Co. | 2.08% | 1,984,100 | $72.4M | New |
| VLO Valero Energy Corp. | 2.06% | 531,431 | $71.4M | Add +47.0% |
| HUBB Hubbell Inc. | 1.96% | 166,900 | $68.2M | New |
| PNW Pinnacle West Capital | 1.89% | 734,180 | $65.7M | Add +4.0% |
| GEV GE Vernova Inc. | 1.86% | 122,356 | $64.7M | Reduce -40.0% |
| XEL Xcel Energy Inc. | 1.85% | 945,110 | $64.4M | New |
| FANG Diamondback Energy Inc. | 1.68% | 423,650 | $58.2M | Add +111.1% |
| CNQ Canadian Natural Resources | 1.64% | 1,816,463 | $57.0M | Reduce -4.1% |
| ATO Atmos Energy Corp. | 1.55% | 348,536 | $53.7M | Add +4.1% |
| CNP Centerpoint Energy Inc. | 1.42% | 1,343,863 | $49.4M | Add +4.0% |
| FLS Flowserve Corp. | 1.34% | 889,300 | $46.6M | New |
| KGS Kodiak Gas Services Inc. | 1.17% | 1,185,125 | $40.6M | Reduce -3.3% |
| FCX Freeport-McMoran Inc. | 1.15% | 918,156 | $39.8M | Reduce -11.4% |
| ITRI Itron Inc. | 1.14% | 300,787 | $39.6M | Add +1552.7% |
| GNRC Generac Holdings Inc. | 1.10% | 265,899 | $38.1M | New |
| DTM DT Midstream Inc. | 1.08% | 342,200 | $37.6M | Add +810.1% |
| FIX Comfort Systems USA Inc. | 1.07% | 69,395 | $37.2M | New |
| IAG Iamgold Corp. | 1.06% | 5,018,690 | $36.9M | Add +14.9% |
| MPC Marathon Petroleum Corp. | 1.02% | 214,000 | $35.5M | New |
| OGE Oge Energy Corp. | 1.00% | 783,825 | $34.8M | Reduce -14.3% |
| VNOM Viper Energy Inc. | 0.98% | 890,982 | $34.0M | New |
| HES Hess Corp. | 0.96% | 240,085 | $33.3M | Reduce -20.9% |
| FSLR First Solar Inc. | 0.95% | 198,600 | $32.9M | Add +286.7% |
| ESI Element Solutions Inc. | 0.81% | 1,237,554 | $28.0M | New |
| KGC Kinross Gold Corp. | 0.77% | 1,717,548 | $26.8M | Reduce -19.8% |
| RIOT Riot Platforms Inc. | 0.77% | 2,359,300 | $26.7M | New |
| ET Energy Transfer LP | 0.69% | 1,315,612 | $23.9M | Reduce -45.8% |
| BKV BKV Corporation | 0.61% | 876,517 | $21.1M | Add +3.8% |
| IREN Iren Ltd. filed as IREN LIMITED | 0.61% | 1,443,000 | $21.0M | New |
| B Barrick Mining Corp. | 0.58% | 962,500 | $20.0M | New |
| TS Tenaris SA-ADR | 0.57% | 533,515 | $20.0M | Reduce -58.8% |
| BKR Baker Hughes Co. | 0.52% | 471,146 | $18.1M | Reduce -30.4% |
| FTI Technipfmc PLC | 0.48% | 487,338 | $16.8M | Reduce -64.9% |
| HCC Warrior Met Coal Inc. | 0.45% | 344,155 | $15.8M | Reduce -33.3% |
| CTRA Coterra Energy Inc. | 0.44% | 608,400 | $15.4M | New |
| CCJ Cameco Corp. | 0.36% | 170,554 | $12.7M | Add +5.1% |
| SLB SLB Ltd. filed as SCHLUMBERGER LTD | 0.34% | 353,200 | $11.9M | New |
| SOC Sable Offshore Corp. | 0.25% | 400,000 | $8.8M | New |
| NXT Nextpower Inc. filed as NEXTRACKER INC | 0.24% | 155,715 | $8.5M | New |
| PRIM Primoris Services Corp. | 0.23% | 104,131 | $8.1M | New |
| EQX Equinox Gold Corp. | 0.17% | 996,200 | $5.7M | New |
| FRO Frontline PLC | 0.15% | 319,700 | $5.2M | New |
| AR Antero Resources Corp. | 0.10% | 81,900 | $3.3M | Reduce -95.7% |
| DAR Darling Ingredients Inc. | 0.02% | 20,614 | $782K | Reduce -6.3% |
| ALV Autoliv Inc. | 0.02% | 6,400 | $716K | No change |
| MPLX MPLX LP | 0.00% | 329,802 | $71K | New |
Portfolio Sells Q1 2025 → Q2 2025
| TRP TC Energy Corp. | Sold out | 0.00% | −2.79 |
| AR Antero Resources Corp. | Reduce -95.7% | 0.10% | −2.73 |
| PPL PPL Corp. | Sold out | 0.00% | −2.58 |
| NEM Newmont Corp. | Sold out | 0.00% | −1.84 |
| XOM Exxon Mobil Corp. | Reduce -24.5% | 2.17% | −1.83 |
| COP Conocophillips | Sold out | 0.00% | −1.66 |
| SU Suncor Energy Inc. | Reduce -9.1% | 3.38% | −1.46 |
| TXNM TXNM Energy Inc. | Sold out | 0.00% | −1.45 |
| TS Tenaris SA-ADR | Reduce -58.8% | 0.57% | −1.26 |
| NUE Nucor Corp. | Sold out | 0.00% | −1.16 |
| FTI Technipfmc PLC | Reduce -64.9% | 0.48% | −1.11 |
| KNTK Kinetik Holdings Inc. | Sold out | 0.00% | −1.07 |
| LBRT Liberty Energy Inc. | Sold out | 0.00% | −1.06 |
| ET Energy Transfer LP | Reduce -45.8% | 0.69% | −0.95 |
| EVRG Evergy Inc. | Sold out | 0.00% | −0.94 |
| PR Permian Resources Corp. Class A | Reduce -7.8% | 2.12% | −0.83 |
| HES Hess Corp. | Reduce -20.9% | 0.96% | −0.80 |
| MTZ Mastec Inc. | Reduce -28.7% | 2.66% | −0.56 |
| BKR Baker Hughes Co. | Reduce -30.4% | 0.52% | −0.56 |
| FLEX Flex Ltd. | Sold out | 0.00% | −0.55 |
| EXE Expand Energy Corp. | Reduce -3.4% | 2.16% | −0.53 |
| OGE Oge Energy Corp. | Reduce -14.3% | 1.00% | −0.53 |
| KGS Kodiak Gas Services Inc. | Reduce -3.3% | 1.17% | −0.49 |
| CNQ Canadian Natural Resources | Reduce -4.1% | 1.64% | −0.48 |
| HCC Warrior Met Coal Inc. | Reduce -33.3% | 0.45% | −0.44 |
| RS Reliance Inc. | Sold out | 0.00% | −0.40 |
| GEV GE Vernova Inc. | Reduce -40.0% | 1.86% | −0.40 |
| FCX Freeport-McMoran Inc. | Reduce -11.4% | 1.15% | −0.28 |
| KGC Kinross Gold Corp. | Reduce -19.8% | 0.77% | −0.21 |
| WFRD Weatherford International PL | Sold out | 0.00% | −0.19 |
| DINO HF Sinclair Corp. | Sold out | 0.00% | −0.18 |
| DAR Darling Ingredients Inc. | Reduce -6.3% | 0.02% | −0.00 |
| VST Vistra Corp. | Reduce -5.4% | 7.34% | +1.41 |
Portfolio Buys Q1 2025 → Q2 2025
| KMI Kinder Morgan Inc. | New | 3.99% | +3.99 |
| SRE Sempra | Add +321.9% | 3.66% | +2.63 |
| EQT Eqt Corp. | Add +99.8% | 5.65% | +2.38 |
| NVT Nvent Electric PLC | New | 2.25% | +2.25 |
| MOS The Mosaic Co. | New | 2.08% | +2.08 |
| HUBB Hubbell Inc. | New | 1.96% | +1.96 |
| XEL Xcel Energy Inc. | New | 1.85% | +1.85 |
| FLS Flowserve Corp. | New | 1.34% | +1.34 |
| TLN Talen Energy Corp. | Add +92.9% | 2.29% | +1.26 |
| GNRC Generac Holdings Inc. | New | 1.10% | +1.10 |
| FIX Comfort Systems USA Inc. | New | 1.07% | +1.07 |
| ITRI Itron Inc. | Add +1552.7% | 1.14% | +1.07 |
| MPC Marathon Petroleum Corp. | New | 1.02% | +1.02 |
| VNOM Viper Energy Inc. | New | 0.98% | +0.98 |
| DTM DT Midstream Inc. | Add +810.1% | 1.08% | +0.95 |
| ESI Element Solutions Inc. | New | 0.81% | +0.81 |
| RIOT Riot Platforms Inc. | New | 0.77% | +0.77 |
| FSLR First Solar Inc. | Add +286.7% | 0.95% | +0.71 |
| NI Nisource Inc. | Add +55.2% | 3.49% | +0.67 |
| IREN Iren Ltd. | New | 0.61% | +0.61 |
| B Barrick Mining Corp. | New | 0.58% | +0.58 |
| CVE Cenovus Energy Inc. | Add +65.4% | 2.39% | +0.53 |
| FANG Diamondback Energy Inc. | Add +111.1% | 1.68% | +0.51 |
| CTRA Coterra Energy Inc. | New | 0.44% | +0.44 |
| SLB SLB Ltd. | New | 0.34% | +0.34 |
| VLO Valero Energy Corp. | Add +47.0% | 2.06% | +0.32 |
| SOC Sable Offshore Corp. | New | 0.25% | +0.25 |
| TRGP Targa Resources Corp. | Add +52.9% | 4.98% | +0.25 |
| NXT Nextpower Inc. | New | 0.24% | +0.24 |
| PRIM Primoris Services Corp. | New | 0.23% | +0.23 |
| EQX Equinox Gold Corp. | New | 0.17% | +0.17 |
| FRO Frontline PLC | New | 0.15% | +0.15 |
| CCJ Cameco Corp. | Add +5.1% | 0.36% | +0.12 |
| IAG Iamgold Corp. | Add +14.9% | 1.06% | +0.07 |
| MPLX MPLX LP | New | 0.00% | +0.00 |
| BKV BKV Corporation | Add +3.8% | 0.61% | −0.04 |
| CNP Centerpoint Energy Inc. | Add +4.0% | 1.42% | −0.28 |
| ATO Atmos Energy Corp. | Add +4.1% | 1.55% | −0.33 |
| OVV Ovintiv Inc. | Add +17.2% | 2.35% | −0.49 |
| PNW Pinnacle West Capital | Add +4.0% | 1.89% | −0.55 |
| ETR Entergy Corp. | Add +3.4% | 2.93% | −0.75 |
| SHEL Shell PLC-ADR | Add +2.7% | 4.96% | −1.38 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 81 | $5.3B | DVN, OVV, ETR, VST, DAR |
| Q1 2026 | 79 | $5.2B | CTRA, OVV, DAR, SU, VST |
| Q4 2025 | 77 | $4.3B | ETR, XEL, EXE, SU, OVV |
| Q3 2025 | 70 | $4.2B | ETR, MTZ, SRE, NVT, EXE |
| Q2 2025 | 63 | $3.5B | VST, EQT, TRGP, SHEL, KMI |
| Q1 2025 | 54 | $2.8B | SHEL, VST, SU, TRGP, XOM |
| Q4 2024 | 52 | $2.5B | TRGP, TRP, SHEL, COP, VST |
| Q3 2024 | 46 | $2.2B | TRP, GEV, TRGP, COP, VST |
| Q2 2024 | 44 | $1.9B | VST, GEV, FANG, TRP, CVE |
| Q1 2024 | 42 | $1.9B | VST, CVE, FANG, TRGP, XOM |